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    NZD/USD sets eye on 0.68

    © Dukascopy Bank SA
    "The US economy is growing but not quite at the trajectory that the Fed and other market participants are hoping for. The market is starting to realize that the greenback is pretty significantly overpriced given that a rate hike isn't looking as likely." 
    - USForex (based on Business Recorder)


    Pair's Outlook 
    Upon reaching the resistance area around 0.6745, the New Zealand Dollar retreated from intraday highs and stabilised at 0.6721. The NZD/USD's performance is quite similar to the AUD/USD's, as the pair broke through the respective down-trend. The Bollinger band, the weekly and the monthly R1s are now the potential levels that could limit the gains. Meanwhile an equally strong cluster is located around 0.6640, represented by the weekly PP, the 20, 55, 100 and 200-day SMAs. Although technical indicators are giving mixed signals, the base case scenario is still a bullish development. 

    Traders' Sentiment 
    Traders' sentiment reached a perfect equilibrium today, whereas the percentage of sell orders in the 100-pip range from the spot dropped from 70 to 68%.
    © Dukascopy Bank SA

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